This week, I am addressing another important aspect of protecting yourself from fraud: document all financial transactions in writing. The unfortunate reality is that people sometimes invest hundreds of thousands of dollars without getting anything in writing – usually because they trust the person they’re giving their money to. When people call me to talk… Read more »
Last time we discussed the importance of doing your homework when making investment decisions. This week, I am addressing another important aspect of protecting yourself from fraud: hiring a legal expert to help you evaluate the potential opportunity. Tip #3 — Hire an Attorney Before You Hand Over the Money While the idea of hiring… Read more »
Last time we discussed the importance of slowing down and taking your time when making investment decisions. This week, I am addressing another important aspect of protecting yourself from fraud: doing your homework before handing over your hard-earned money. Tip #2 — Do Your Homework Many scammers rely on the fact that potential victims will… Read more »
Editor’s Note: I often write about the dangers of trusting people in your LDS ward or religious community who are pitching investments, but real stories are sometimes more effective. Below is a CLASSIC example of how members of the LDS Church are targeted for fraud. This story was published in the Deseret News on Sep… Read more »
Investment fraud is a big issue here in Utah, largely due to our close-knit social and religious communities, which can be prime targets for “affinity fraud.” “Affinity fraud” is a scam that is perpetrated by someone you trust. Scammers use relationships to build trust and legitimacy for their “pitch.” Those relationships can be with family… Read more »
With so much market volatility, many are scrambling to plan for their uncertain future. If you are planning on leaving your IRA, ROTH IRA, or Qualified Plan to your heirs, you may want to rethink how you plan your estate. Congress passed the SECURE Act in December 2019, in pre-Covid-19 America. The goal was to… Read more »
I frequently speak to groups about investment fraud and one of the questions I often get asked is whether it’s true that Utah has the highest rate of Ponzi schemes and affinity fraud in the country. In the past I haven’t been able to say for sure. There aren’t any good studies that have reached… Read more »
Recently I have been busy working to recover losses for a large number of investors who lost money in unregistered investments offered by Woodbridge and Future Income Payments or FIP. In many cases these investments were recommended by insurance agents who were not licensed to sell securities, and did not perform adequate due-diligence on these… Read more »
Whether you’re a first-time investor or have been investing for many years, there are some basic questions you should always ask before you commit your hard-earned money to an investment. Question 1: Is The Seller Licensed? Research shows that con-artists are experts at the art of persuasion, often using a variety of influence tactics tailored… Read more »
Every week Utah residents lose money by investing with friends, family or neighbors – people they knew and trusted. Investment fraud is a big problem here in Utah, largely because our close-knit communities are a prime target for “affinity fraud.” Our state has a long history of financial scams and Ponzi schemes, many of which… Read more »